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SBA streamlines forgiveness process for most PPP loans
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SBA may be dropping PPP Loan Necessity Questionnaire requirement
The Associated General Contractors of America (AGC) said that the U.S. Small Business Administration (SBA) is in the process of removing the requirement that Paycheck Protection Program (PPP) borrowers submit a Loan Necessity Questionnaire when applying for forgiveness on loans of $2 million or more.
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Online sign-up now available for advance child tax credit payments
The IRS opened an online site Monday that allows taxpayers who are not required to file a 2019 or 2020 individual income tax return to sign up to receive advance child tax credit (advance CTC) payments, which will begin July 15 (see IRS News Release IR-2021-129).
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GASB addresses accounting changes and error corrections
GASB proposed changes Tuesday to its accounting and financial reporting guidance for accounting changes and error corrections that have been in effect for more than 40 years.
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SBA stops accepting new PPP applications from most lenders as general funds run out
The U.S. Small Business Administration (SBA) has stopped accepting new Paycheck Protection Program (PPP) applications from most lenders almost a full month before the $292 billion program’s application deadline.
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PCAOB's 2021 inspections target pandemic concerns, predictability
PCAOB inspections in 2021 will focus on the effects of the coronavirus pandemic on companies’ financial reporting while also becoming less predictable, according to resources the board published Tuesday. As reported previously in the JofA, the board is focused both on pandemic-related audit challenges and a concern that firms may be disproportionately paying attention to areas of audits that are frequently inspected. The PCAOB published resources containing a general staff outlook and guidance for audit committees explaining the 2021 inspections focus.
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IRS postpones April 15 deadline
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New PPP guidance implements changes from American Rescue Plan Act
New Paycheck Protection Program (PPP) guidance from the U.S. Small Business Administration (SBA) incorporates changes to the program made by the American Rescue Plan Act, P.L. 117-2, and establishes that entities that receive a Shuttered Venue Operators Grant (SVOG) cannot subsequently receive a PPP loan.
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House passes PPP deadline extension in 415-3 vote
House passes PPP deadline extension in 415-3 vote.
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House gives final approval to $1.9 trillion pandemic aid bill
President Joe Biden on Thursday afternoon signed into law the $1.9 trillion coronavirus relief bill known as the American Rescue Plan Act, following a 220-211 vote of approval by the House of Representatives on Wednesday.